In a significant development, Indian Overseas Bank has announced the e-auction sale of a property mortgaged by borrowers Mr. Abhijit Shriram Patil & Mrs. Seema Shriram Patil following their inability to clear the due amount. The sale is conducted under the stringent guidelines of the SARFAESI Act, 2002, which empowers the bank to recover its dues through the sale of the secured asset.
Notice Highlights:
- Demand Notice Issued: A demand notice was served to the borrowers on 17.06.2023 to repay the due amount of Rs.17,15,410.14 as on 09.06.2023, with an additional interest, costs, and charges.
- Possession Taken: After failure to comply with the demand notice, the bank took symbolic possession of the property on 10.01.2024, with dues amounting to Rs.17,77,151 on the day of possession.
- Current Dues: As of 10.02.2024, the outstanding amount stands at Rs.17,91,119.14.
Property Details:
- Description: Flat No.404, 4th Floor, D-Wing of Prem Nagar Phase-II Apartment, situated in Nanded.
- Area: 981.67 sq ft (carpet area) with a proportionate share of the land.
- Boundaries: East by Flat No.405, West by Flat No.403, North by the open space of the apartment, and South by the open space of the apartment.
Auction Details:
- Date & Time: The e-auction is scheduled for 30.03.2024, from 2:00 P.M. to 5:00 P.M., subject to auto-extension.
- Reserve Price: Rs.25.20 lakh.
- Earnest Money Deposit (EMD): Rs.2.53 lakh, with an additional Rs.10,000 deposit through Global EMD Wallet account.
Important Dates:
- Property Inspection: Prospective buyers may inspect the property by appointment, contacting the Branch Manager at the Nanded Branch.
- Bid Submission Start Date: Online applications for bidding can be submitted from 15.03.2024 onwards with EMD.
- Bid Submission End Date: The last date for submission is 29.03.2024 till 5.00 pm.
Additional Information:
- Encumbrances: None reported. However, bidders are advised to verify any outstanding statutory dues on their own, as bank’s dues take precedence.
- E-auction Terms: The property will be sold through an e-auction conducted by MSTC E-commerce under the supervision of an authorized officer from the bank.
